Firms’ earnings pull PSEi above 6,100
Positive corporate earnings results managed to lift the bourse above the 6,100 level on Wednesday, brushing off the trade war escalation in the United States.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.33 percent or 80.8 points to close at 6,144.96.
The broader All Shares Index likewise added 0.77 percent or 27.96 points to 3,668.41.
A total of 467.32 million shares worth P5.31 billion changed hands, stock exchange data showed, as foreigners made net purchases worth P166.13 million.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said investors were encouraged by “generally positive corporate earnings results and fresh bargain hunting.”
Several companies, including Philippine National Bank and Megaworld Corp., reported gains in their 2024 net income on Wednesday.
The index’s gain also came amid anxiety over US President Donald Trump’s latest import tariff impositions.
Banks led the gainers as BDO Unibank Inc., the top-traded stock, posted a 2.35-percent rise to P147.90 per share, as well as Bank of the Philippine Islands (up 1.54 percent to P132) and Metropolitan Bank and Trust Co. (up 2.07 percent to P74).
Other actively traded stocks were International Container Terminal Services Inc., flat at P340; Jollibee Foods Corp., up 3.47 percent to P268; and Ayala Land Inc., one of the rare losers as it shed 1.75 percent to P22.50.
Universal Robina Corp. rallied by 5.97 percent to P71; SM Prime Holdings Inc., up 3.83 percent to P24.40; SM Investments Corp., up 0.9 percent to P78.
